-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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Quote: “Yes, businesses should be good corporate citizens. They should make every effort to pick up poorer performing stores in less affluent neighborhoods with profits from successful stores elsewhere.”
That is one of the most disturbing comments ever. A business exists in order to earn a positive return on invested capital and a positive return on on going operations. This is socialist bull crap.